“The worst is yet to come,” repeat the media in the midst of the Covid-19 crisis. When all companies see their activity dwindling and their sales falling, it is essential to look for new methods to obtain cash. Now more than ever in 60dias we continue working to help our clients improve their cash flow by recovering VAT on their travel expenses.
Millions of euros of accumulated VAT
Every year companies accumulate non-deducted VAT in the form of travel and expense receipts. It is estimated that only in Europe companies lose 19.5 billion Euros due to unrecovered VAT, of which more than 5 billion are simplified invoices.
Activating this service means stopping this loss, and it is especially profitable at the beginning due to the possibility of recovering the VAT of the last 4 years (Spain) not yet prescribed, which can mean deducting up to 500 euros per employee as we have already achieved with many clients after our 12 years of experience.
It is important to emphasize the great liquidity that this solution provides, since it is not necessary to wait for the tax authorities to authorize or refund the amount. By having the necessary justification (the complete invoice for each expense) in the next VAT return, you can deduct the total accumulated amount of those redemption invoices.
60dias committed to companies
It is precisely at critical moments like this that companies must maximize all available resources, such as releasing the VAT that they have been accumulating for years. That’s why in 60dias we are committed to process 100% of our clients’ receipts, without discriminating the amount or concept; it doesn’t matter if it’s 600 euros for a business dinner or a 1 euro toll.
Our dedication to processing all receipts and the relationship we have built with more than 480,000 suppliers is what allows us to obtain success rates of 80% of recoverable VAT for our clients, which is why they continue to entrust us with this task year after year.
A Win-Win service; where the amount earned by this service in the form of deductible VAT increases the immediate disposition of cash, without any fixed cost or minimum fee since we work exclusively to success.
A service adapted to the State of Alarm
The current state of alarm has stopped the activity of many companies, but this is not the case for 60dias, because our service is adapted to new technologies and our collaboration with other companies in the sector.
The recovery process involves zero physical contact being able to carry it out digitally. At 60dias we collaborate with the main expense management firms, which allows us to automatically download the images and information of the tickets that the employees have been uploading directly to their APP, process them to get the complete invoices and then download them to the ERP of each client.
We also work digitally with suppliers, currently having more than 45,000 self-billing agreements in which we automatically issue complete invoices so that they only have to review and approve them, which considerably accelerates recovery times and increases our customers’ cash flow on each statement.
In this new reality, the immediate availability of cash is vital for many companies and a direct benefit of our service, so we will continue working in order to suit the situation of each client and provide them with the necessary liquidity to overcome the current Covid-19 crisis.